Executive Summary
The financial planning industry is saturated with complex analysis tools that do a wonderful job assessing portfolio risk, determining the probability of success, and optimizing financial strategies. However, those same solutions fall short in taking that final (and most important) step of delivering that analysis to clients in a consistent, easy-to-understand way that inspires them to improve their financial behavior. Additionally, advisors who attempt to take that extra step to bridge this gap encounter challenges with profitability, scalability, and internal infrastructure. Enter NovaTrak.
See below for some common problems when implementing financial planning; along with some solutions to those problems.
The Problem: Charging for Financial Planning
Financial planning fees often feel arbitrary, unclear, or absent altogether.
The Solution: Customizable Fee Calculators
The Problem: No central place to track planning metrics
There is no clear tracking system for planning data and advisors are spending valuable time creating manual tracking reports to see profitability and total fees paid per household.
The Solution: Informative Dashboards
The Problem: Translating the planning output to a digestible summarized deliverable
The Solution: NovaTrak Financial Plan Summary
Reduce the planning deliverables from a 100+ page report to a clear summary showing the client’s current status, target progress, and recommended action items.
The Problem: Inspiring clients to implement their plan year after year
Clients are usually engaged and excited to implement their plan while still in the conference room, but as soon as they return to life, that inspiration fades. This leads to the plan being forgotten and not implemented fully, which has a negative impact on clients’ financial future.
The Solution: OneTrak - a one page summary
Final snapshot of the plan detailing the client’s action items in 12-week timeframes. Also, breaks down each goal into 12-month targets: target balances, target risk levels, target probability of success. Provides clients (and advisors) a short-term goal with step-by-step guide that inspires action and moves the plan further toward success.
The Problem: Capture individual client goals & values in a repeatable process
Every client is different and wants to feel like the plan is customized to them, but advisors needs a streamlined way to capture this information.
The Solution: Interactive Goals Workbook
An interactive document that can be emailed from the dashboard to collaborate and further understand clients’ dreams and values while capturing the advisors planning notes.
The Problem: Creating a process for your Planning Department
How to overcome the challenge to implement a new process and convince the team and the clients to participate in the process.
The Solution: NovaTrak Resource Center
Provides templates, tutorials, best practices, and step-by-step guide on how to build and implement a robust financial planning department.
